bank-of-america

BankAmericard® Secured Credit Card

You can earn 3% or 2% cashback on purchases upto $2,500 per quarter in combination choice categories, and grocery stores (1%) by using Bank of America card

Credit needed

Good

APR

22.99%

Annual Fee

Card Summary

Bank Americard Secured Credit Card was created to assist cardholders in rebuilding or establishing their credit.

There is an annual fee for the card of $0, and a $300 minimum security deposit.

Purchases and balance transfer APR's are variable at 22.99%.

Card Summary - Cons

Rates and fees

Issuer Name

Bank of America

Penalty APR

None

Credit Needed

Good

Balance Transfer Fee

The greater of $10 or 3% depending on the transaction amount, whichever is higher

Annual Fee

Cash Advance Fee

For each transaction: Direct deposit and check cash advances: $10, or 3%, depending on the transaction amount ATM, Over the Counter, Same Day Online, and Cash Equivalent Cash Advances are $10, or 5%, depending on the transaction amount.

APR

22.99%

Foreign Transaction Fee

If the transaction was made or processed in the United States, 3% of any U.S. Dollar amount is charged.

Highlights

Secured credit cards are designed to establish, consolidate or rebuild credit. The amount you deposit, the income of your household and your ability pay the credit card line will determine your maximum credit limit.

A check will be issued to the amount of the deposit you have provided that is greater than the maximum allowed based upon your ability to repay.

You can now access your FICO score updated monthly free of charge via your mobile banking app or online banking. To receive your FICO Score, key factors that affect it, as well as other useful information to help keep you credit healthy, opt-in.

Your account will be reviewed periodically. Based on your credit history, including your accounts with us, we may decide to return your security deposit.

Some customers may not be eligible. Credit education available on topics such as budgeting, credit card responsibly and using credit cards in a responsible manner.

Comparative Analysis with Other Cards

Bank Americard Secured Credit Card Vs. Capital One Platinum Security Credit Card

Annual Fee: The Bank Americard Secured Credit Card has an $0 annual fee.

Annual fee: The Capital One Platinum Secured Credit Card doesn't have an annual charge.

Rewards: There is no rewards program with this card.

Sign up bonus: No card provides a sign up bonus.

The benefits of both cards: These cards can help build and repair credit. Bank Americard Secured Credit Card offers free monthly FICO credit score access, account alerts, and zero fraud liability.

Capital One Platinum Secured credit card holders get benefits such as emergency card services and fraud coverage, Mastercard identity theft protection, and Mastercard Identity Theft Protection.

Bank Americard Secured Credit Card Vs. Bank Americard Secured Credit Card vs. Discover it Secured Credit Card

Reward Program: Bank Americard Secured Credit Card doesn't offer any rewards programs. Discover it Secured Credit Card offers 2% cashback at gas stations, restaurants and on any other purchase up to $1,000 per quarter.

Sign up bonus: Bank Americard Secured Credit Card doesn't offer any sign-up bonuses. Your total cashback rewards with the Discover it Secured credit card are automatically matched dollar-for-dollar at the end your first year.

The benefits of both cards are to improve or rebuild credit. Bank Americard Secured Credit Card provides monthly FICO credit score access free of charge and zero liability for fraudulent purchases.

Cardholders of the Discover It Secured Credit Card have free monthly FICO credit score access and receive free Social Security Number alerts.

Bank Americard Secured credit card benefits: Bank Americard Secured credit card holders can access a variety of banking and consumer benefits, including: No fraud coverage access to your monthly FICO credit score for no cost.

You can get overdraft protection by linking your bank card to a Bank of America checking account